Theriva Biologics price target lowered to $6 from $25 at Maxim

Maxim lowered the firm’s price target on Theriva Biologics (TOVX) to $6 from $25 but keeps a Buy rating on the shares. The company reported Q3 results with a net loss of ($7.7M) and ended the period with $16.4M in cash on the balance sheet, which should provide runway into the first half of 2025, the analyst tells investors in a research note. Maxim anticipates additional capital needs to potentially expand the Phase 2b VIRAGE study into a Phase 3 study next year as well as to fund the planned later-stage study in retinoblastoma, the firm added.